SilverGate’s closure highlights a core issue: many "crypto-friendly" businesses are built on the same fragile leverage as traditional finance, undermining the very principles Bitcoin stands for. When fiat systems falter—whether through mismanagement or external shocks like FTX—these entities collapse, dragging down confidence in sound money alternatives. Bitcoin itself remains untouched by such failures; it’s the intermediaries that keep failing. How do we better insulate Bitcoin’s ecosystem from these legacy financial traps?